STATE ECONOMIC PROFILE
New Hampshire Economic Overview
$92.5b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.9%
19
1,409,022
POPULATION
Growth Rate 2019-24
State Growth Rank
0.7%
18
161,302
BUSINESSES
Growth Rate 2019-24
State Growth Rank
1.9%
41
Overview of the New Hampshire Economy
In 2024, the state of New Hampshire has a population of 1,409,022, having grown an annualized 0.7% over the five years to 2024, which ranks it 18th out of all 50 US states by growth rate. New Hampshire's gross state product (GSP) in 2024 reached $92.5b, with growth of 1.9% over the 5 years to 2024. Businesses in New Hampshire employed a total of 796,901 people in 2024, with average annual employment growth over the past five years of 0.6%. The top three sectors by total employment are Real Estate and Rental and Leasing, Professional, Scientific and Technical Services, Manufacturing, while the unemployment rate across the state in 2024 was 2.6%.
What is New Hampshire's Gross Domestic Product (GDP)?
In 2024, New Hampshire's GDP reached $92.5b, representing an increase of 1.9% from 2023. New Hampshire's GDP has grown at an annualized rate of 1.4% over the five years to 2024. Moreover, New Hampshire's trailing five-year GDP growth ranks it 19th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in New Hampshire's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
New Hampshire Industry Trends
What are New Hampshire's Largest Industries by Revenue?
The largest industries by revenue in New Hampshire are Property, Casualty and Direct Insurance, New Car Dealers and Public Schools, which generated $9.3b, $7.9b and $7.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in New Hampshire
Top 10 Companies Headquartered in New Hampshire by Employment
The largest companies by employment in New Hampshire are Dartmouth Hitchcock Medical Center and Clinics, DeMoula's Supermarkets Inc. and Walmart Inc., which employed 13,877, 9,000 and 8,279 people in 2024.
STATE ECONOMIC PROFILE
New Hampshire Sector Statistics
In New Hampshire, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is New Hampshire's GDP by Sector?
The Real Estate and Rental and Leasing, Professional, Scientific and Technical Services and Manufacturing sectors contributed the most to New Hampshire's GDP in 2024, representing a combined 38.1% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is New Hampshire's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Educational Services sectors contributed the most to employment in New Hampshire in 2024, representing a combined 40.8% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
New Hampshire Employment Trends
796.9k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.9%
23
2.6%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-0.1%
34
What Employment Trends are Impacting New Hampshire?
The state of New Hampshire employs 796,901 people in 2024, which ranks it 39th out of all 50 US states. Employment in New Hampshire has grown at an annualized rate of 0.9% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in New Hampshire include Healthcare and Social Assistance, Retail Trade and Educational Services, which employed 117,474, 116,508 and 90,776 people in 2024, respectively. New Hampshire's unemployment rate is 2.6% in 2024, which ranks it 4th out of 50 states. New Hampshire's unemployment rate has trended downwards at a rate of -0.1% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in New Hampshire, and compare them to the US economy, using the chart below.
$99.7k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
5.0
36
What is New Hampshire's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. New Hampshire's DPI in 2024 was $99.7k, compared to the US average of $129.8k, which places it 36th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in New Hampshire's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
New Hampshire Construction & Building Trends
$1,473.3tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
15.2%
45
$1.4tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
11.2%
46
4,655
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
4.7%
37
What can construction trends tell you about a state’s economy?
In New Hampshire, non-residential construction was $1,473.3tn in 2024, which ranks it 45th out of all US states. Residential construction was $1.4tn in 2024, which places New Hampshire 46th in the United States. The number of building permits issued in New Hampshire in 2024 was 4,655, representing a 4.7% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in New Hampshire, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
New Hampshire Population Statistics
Which Counties in New Hampshire have the Largest Populations?
The counties with the highest populations in New Hampshire are Hillsborough County, Rockingham County and Merrimack County, which had populations of 430,457, 323,375 and 158,248 people in 2024.
STATE ECONOMIC PROFILE
New Hampshire Demographics
Education Level New Hampshire
Race in New Hampshire
New Hampshire State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 634 New Hampshire Industry Reports.
